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This excerpt taken from the WOOF 10-K filed Mar 1, 2007. f. Property
and Equipment
Property and equipment is recorded at cost. Equipment held under
capital leases is recorded at the lower of the present value of
the minimum lease payments or the fair value of the equipment at
the beginning of the lease term.
We develop and implement new software to be used internally, or
enhance our existing internal software. We develop the software
using our own employees
and/or
outside consultants. Costs associated with the development of
new software are expensed as incurred. Costs related directly to
the software design, coding, testing and installation are
capitalized and amortized over the expected life of the
software. Costs related to upgrades or enhancements of existing
systems are capitalized if the modifications result in
additional functionality.
Table of Contents
VCA
ANTECH, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
Depreciation and amortization are recognized on the
straight-line method over the following estimated useful lives:
Depreciation and amortization expense, including the
amortization of property under capital leases, in 2006, 2005 and
2004 was $18.6 million, $16.1 million and
$13.4 million, respectively.
Property and equipment at December 31, 2006 and 2005
consisted of (in thousands):
Accumulated amortization on buildings held under capital leases
amounted to $695,000 and $191,000 at December 31, 2006 and
2005, respectively, and accumulated amortization on equipment
held under capital leases amounted to $128,000 and $75,000 at
December 31, 2006 and 2005, respectively.
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